What happens when you file bankruptcy nowadays?

[I'm me]

I hear it is very hard to file for the type of bankruptcy where they abolish all of your debt. However, what about the type of bankruptcy where you pay back some of your debt? If you file this type of bankruptcy, will you definitely get accepted, even if you make a high income? How much of your debt do they make you pay back and in what timeframe? How much does it cost to file for bankrutpcy nowadays? Do you have to pay a lawyer up front? Does a lawyer guarantee you will be accepted for filing bankruptcy? THANKS! ------

[kate]

All depends on your debt levels and income .No way for us to tell , but generally if your debts exceed your income , you are considered bankrupt .They now mandate money management classes so people do NOT get into excess debt again .Google bankruptcy on the web and look for Nolo press .> ------

[mike111987]

Well, it destroys your credit. But not only that, but it makes it almost impossible for you to buy/fiance anything for about 7 years. I hope this helps....... ------